Whale 0xf292 is sitting on a $3.67 million unrealized loss on a 2.9 million CXMT short position worth about $22.57 million, according to Lookonchain data cited by BlockBeats on Aug. 12. The position was opened with 1x leverage (borrowing equal to posted collateral), but the carrying cost has also mounted: the trader has already paid more than $3.4 million in funding fees (periodic payments exchanged between long and short traders). Based on the average calculation in the post, the position is costing roughly $170,000 a day in funding, highlighting how even low-leverage perpetual short bets can become expensive over time.